Monetary Wedding Gift

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Coppit | 16:59 Fri 27th May 2022 | Business & Finance
4 Answers
Sorry but it's not clear to me that if I give my grandson £1k before his June wedding if, later this year he can still have the £250 I give to all my grandchildren on their birthdays.
His bride has also had £250 on her past birthdays. What is the maximum in toto I can give her now?


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Are you talking about gifts to avoid inheritance tax?
Over and above the usual gifts you give each year you can give a wedding gift to a grandchild up to £2500.
You're free to give as much money to you like, whenever you like, and to whomever you like without it affecting either your or their current tax position. Tax only becomes an issue if
(a) you die within 7 years of giving one or more gifts ;
(b) your estate is large enough for Inheritance Tax to be paid on it (which means above £325k, or above £650k if your spouse or civil partner pre-deceased you and left you everything from their estate ; and
(c) your gifts exceed the limits specified here:

So you're free to give up to £2,500 to your grandson for his wedding PLUS you can give away up to a total of £3000 to him or to him and to others in the year (or more if you didn't use up your £3000 allowance last year, as the balance can be carried over). As well as that, anyone who hasn't received money from you under those allowances can be given up to £250 (with no limit on the number of people that you make such gifts to).

So you shouldn't have any worries at all about what you're proposing to do.
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Thanks for helpful responses.

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Monetary Wedding Gift

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